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Updated almost 10 years ago,
Where do I go from here?
I found a two unit house in MA that I want to completely rehab. I would live in one unit and rent out the other. I can easily afford the mortgage with 20% down but that would eat up all my cash so I'm unsure how to finance the rehab. I don't want to make an offer without knowing that I'll be able to afford it. Just ball-park, off the cuff, no reason for this number, I'm guessing it will take 200K to rehab. I obviously want to bring a contractor in to take a look and give me a better estimate but again, I don't want to proceed if I'll be unable to purchase.
Where do I go from here? Can I make an offer in order to get a contractor in? Can I just request a second showing with a contractor (but I would want more than one contractor estimate) and I would want to act quickly in order to secure the property. I know of a 203k loan, are there other types of financing available for this type of project?
Thanks so much for the help